He Took the $480,000 Pension Lump Sum as a Check Instead of a Rollover. The Plan Withheld $96,000 Before It Cleared, and He Had 60 Days to Replace It From Savings

He Took the $480,000 Pension Lump Sum as a Check Instead of a Rollover. The Plan Withheld $96,000 Before It Cleared, and He Had 60 Days to Replace It From Savings →

Taking a pension lump sum as a personal check instead of a direct transfer triggers a federal rule that quietly redirects a substantial chunk of the balance to the IRS before the money ever reaches a retirement account, and most participant…